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I8217vewritten this book because selling your
business is quite possibly the biggest financial
transaction of your entire life, and
you8217venever done it before and will likely
never do it again, and you really need to be
smart about this.I recently did a quick study on
the likelihood that a firm in a particular,
narrow vertical would have a successful
exit8212defned as someone else purchasing, for
real money, a majority of your firm8217sequity.It
8217snot a great sales tactic to give you that
number at the start of a book you just purchased,
but the answer was roughly 1, or 1 in 90.
Ouch.To use marketing firms as an example,
roughly 1,000 firms are purchased every year in
the U.S., of the roughly 90,000 firms that exist
in the country at any given point. Of course,
firms exist over an average lifetime that spans
multiple years, so the odds of a successful
purchase increase as a firm gets nearer its
maturity, but they still aren8217tgreat.But
there8217san important corollary to that truth,
and it8217sthis There are many things you can
do to improve your odds, turning that likelihood
into a 1-in-4 chance that you8217llsell your
firm.And then once you do set yourself up for a
possible exit, there are some fantastic inside
techniques to maximize the upside while also
minimizing the risk.This book is generally about
selling your firm, but you can easily flip these
principles around and be more successful at
buying a firm, too.We8217llalso cover many other
elements of mergers and acquisitions (MampA and
the larger succession picture, including the
requisite valuation of your firm.This is not a
textbook, though, and it doesn8217tcover some of
the deeper intricacies of the legal and tax
implications of a transaction. It8217sjust a
handbook to help you think differently about your
options. You8217llbuy and sell more houses than
you will businesses, and even though
you8217llneed to hire professionals to help you,
it8217svery much in your own best interest to
understand the lingo and basic concepts so that
no one takes advantage of you. So why not educate
yourselfThe information in this manual comes from
hard-earned experience in guiding 200
transactions on both the buy- and sell-side,
including searches, partnership splits, internal
transfers, and everything else you can
imagine.Our experience comes from firms in the
marketing, creative, and digital space, but the
principles all apply to the larger professional
services space.Wherever you are on this
adventure8212jus starting or wanting to do the
next transaction without getting burned8212enjy
the journey to one of the biggest decisions
you8217llever make.By the way, I wrote this book
with no particular length in mind. The goal was
to say what needed to be said, without any
filler. To that end, you8217llfind some extended
explanations where appropriate, and in other
cases all you really need is a bulleted list to
understand a concept. I8217massuming that
you8217resmart8212andthat your time is
valuable8212whih is why I8217veworked hard to
keep this as succinct as